Amit,Not a list, but a key first item: wherever you intend to buy: check with the state, county and local municipality regarding any rules, restrictions or ordinances regarding STRs. 

Best place to invest is where you currently have a competitive advantage, or where you're willing to put in the work to create a competitive advantage. 

I can definitely tell you there's still a lot of positive cash flowing and 1% rule deals and you get amazing appreciation.

There is some noise in this comment, but overall I appreciate it, especially on LinkedIn, where everything is an echo chamber of "I help create passive income for busy professionals", "Invest like the rich", "create financial freedom through real estate".  

It is much better than the 1% rule and the ability to pull equity will be very useful for my next play Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I plan on creating an LLC to put the property into.

If I end up rebooking the dates I can have a conversation with the guest but that is my rule. follow the cancelation policy and don't let emotions get involved.

As mentioned this is for OO properties, not investment/NOO properties.This is the second post that someone has used the term "rules/law/requirement".

If they rule in your favor they will claw that money back from him. 

I am not saying that it doesn't have a use and won't have a future use but it is a lot easier to create a parking area than something with a higher barrier to enter.